According to a recent article on the Washington Post website, better-paying jobs are on the upswing and jobs with a median pay rate of $20 an hour account for almost 40% of jobs created in the first six months of 2014, compared to 25% in the previous six months. So, what does this mean for you? Does it impact your organization?
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Get Your Report Now!Is your pay competitive enough to keep your best employees, your highest performers? If not, what can you do? BLR’s June 2014 Pay Budget Survey revealed that only 33% of employers evaluate pay for employees considered a flight risk and 58% evaluate pay range levels overall.
Soon, if they haven’t already, many organizations will be setting pay budgets for 2015, making this an ideal time to review pay rates the coming year. If you’re looking for guidance on how much of an increase other companies are planning, check out BLR’s 2014 Pay Budget Survey.
It’s a good idea to review your compensation on an annual basis and make adjustments as needed to stay competitive. Visit the Merit Increases Resource Center for tools and time savers as well as guidance on building a market-competitive salary structure.